Core Viewpoint - The collaboration between the Chinese Olympic Committee and Li Ning brand showcases the 2026 Milan Winter Olympics Chinese sports delegation's award attire, integrating top-tier sports technology with Eastern aesthetics to present the strength and style of Chinese athletes to the world [1] Design and Aesthetics - The award attire features red and white as the primary colors, with "Chinese Red" highlighting cultural elements and a design that outlines a five-pointed star; "Snow Mountain White" draws inspiration from winter sports scenes and incorporates Eastern aesthetic concepts of blank space [3] - Traditional auspicious patterns, such as the "Double Victory Pattern," are used in the design, symbolizing victory and good fortune, and are complemented by the "Double Victory Snowflake Pattern" on various parts of the attire [5] Technological Innovations - Li Ning brand has equipped the award attire with advanced sports technology, achieving significant breakthroughs in "thermal locking, moisture permeability, and protection" through material and structural innovations [8] - The collaboration with the National Space Administration has led to the development of a dynamic thermal insulation technology platform, enhancing thermal retention by 44% and moisture permeability by 14% [8] Functional Features - The attire includes a special inner structure with water-repellent goose down for better insulation and moisture management, while the protective layer can withstand heavy rain, providing multiple protective functions [10] - Approximately 45% of the attire is made from recycled nylon and polyester, promoting an environmentally friendly approach [10] Footwear Design - The award shoes are designed based on Li Ning's classic "Liejun" series, featuring a color scheme that matches the award attire and incorporating advanced technologies for comfort and safety on winter surfaces [12] Event Highlights - A drone show at the event illustrated the lines of the award attire, conveying best wishes for the Chinese sports delegation at the 2026 Milan Winter Olympics [13] Company Commitment - Li Ning, the founder and chairman of the brand, emphasized the importance of the award attire in representing the pinnacle of achievement and the spirit of Chinese athletes, committing to continuous innovation in professional sports technology to support the Chinese sports delegation [15]

每经AI快讯，10月24日，香港交易所信息显示，贝莱德在李宁H股的持股比例于10月20日从5.10%降至 4.38%。 ...

Core Insights - Li Ning reported a mid-single-digit decline in overall retail sales across its platform for the third quarter ending September 30, 2025 [1] - Offline channels, including retail and wholesale, experienced a high-single-digit decline, while e-commerce virtual store sales recorded a high-single-digit growth [1] Retail Performance - As of September 30, 2025, the total number of Li Ning sales points in China reached 6,132, with a net increase of 33 points compared to the previous quarter [1] - The retail business saw a net decrease of 46 points, while the wholesale business experienced a net increase of 61 points [1] YOUNG Brand Performance - As of September 30, 2025, the total number of Li Ning YOUNG sales points in China was 1,480, reflecting a net increase of 45 points from the previous quarter [1]

Core Viewpoint - Li Ning (02331.HK) reported a year-on-year decline in retail sales for the third quarter ending September 30, 2025, with offline channels experiencing significant drops while e-commerce showed strong growth [1] Group 1: Sales Performance - Overall retail sales (excluding Li Ning YOUNG) recorded a mid-single-digit decline year-on-year [1] - Offline channels, including retail and wholesale, experienced a high-single-digit decline [1] - Directly operated retail channels saw a mid-single-digit decline [1] - Wholesale channels (franchise dealers) recorded a high-single-digit decline [1] Group 2: E-commerce Performance - E-commerce virtual store business achieved a high-single-digit growth [1]

Core Viewpoint - Li Ning (02331) reported a year-on-year decline in retail sales across its platforms, with offline channels experiencing significant drops while e-commerce showed strong growth [1] Sales Performance - As of September 30, 2025, Li Ning's retail sales (excluding Li Ning YOUNG) experienced a mid-single-digit percentage decline year-on-year [1] - Offline channels, including retail and wholesale, saw a high-single-digit percentage decline, with direct retail channels facing a mid-single-digit percentage drop and wholesale channels experiencing a high-single-digit percentage decline [1] - E-commerce virtual store business achieved a high-single-digit percentage growth [1] Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China as of September 30, 2025, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Core Viewpoint - Li Ning (02331.HK) reported a year-on-year decline in retail sales for the third quarter ending September 30, 2025, with offline channels experiencing a significant drop while e-commerce showed strong growth [1] Group 1: Sales Performance - The overall retail sales (excluding Li Ning YOUNG) recorded a mid-single-digit decline year-on-year [1] - Offline channels, including retail and wholesale, experienced a high-single-digit decline, with direct retail channels seeing a mid-single-digit drop and wholesale channels facing a high-single-digit decline [1] - E-commerce virtual store operations reported a high-single-digit growth [1] Group 2: Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China as of September 30, 2025, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Core Viewpoint - Li Ning (02331) reported a decline in retail sales across its platforms for the third quarter ending September 30, 2025, with a notable drop in offline channels and significant growth in e-commerce [1] Sales Performance - Overall retail sales (excluding Li Ning YOUNG) experienced a mid-single-digit percentage decline year-on-year [1] - Offline channels, including retail and wholesale, saw a high single-digit percentage decline, with direct retail channels facing a mid-single-digit percentage drop and wholesale channels experiencing a high single-digit percentage decline [1] - E-commerce virtual store business achieved a high single-digit percentage growth [1] Store Count - As of September 30, 2025, Li Ning had a total of 6,132 sales points in China (excluding Li Ning YOUNG), representing a net increase of 33 points from the previous quarter and a net increase of 15 points year-to-date [1] - Within the net increase of 15 sales points, retail business saw a net decrease of 46 points, while wholesale business recorded a net increase of 61 points [1] - Li Ning YOUNG had a total of 1,480 sales points in China, with a net increase of 45 points from the previous quarter and a net increase of 12 points year-to-date [1]

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 LI NING COMPANY LIMITED 本公司股東及潛在投資者須注意， 本公司股東及潛在投資者須注意，此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制 此公告是根據本集團未經審計的運營資料編制，這些 資料尚未經過本集團審計師審計及覆核。 資料尚未經過本集團審計師審計及覆核。此公告內數據並不構成 此公告內數據並不構成 此公告內數據並不構成、代表或表示本集團整 代表或表示本集團整 體收入或財務表現之全面情況， 體收入或財務表現之全面情況，本公告內資料亦可能 本公告內資料亦可能 本公告內資料亦可能會修改或調整。 1 李 寧 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：2331（港幣櫃台）及 82331（人民幣櫃台） 二零二五年第三 二零二五年第三季度之最新運營狀況 季度之最新運營狀況 季度之最新運營狀況 本公告乃李寧有限公司（「本公司」，連同其附屬公司 ...

Core Viewpoint - The article discusses the prevalence of counterfeit products in the market, highlighting a specific incident where a consumer purchased a fake Li Ning jacket for 49 yuan, which was labeled as "linimg" instead of the authentic brand name [1] Group 1 - The issue of counterfeit goods is becoming increasingly common, affecting consumer trust and brand integrity [1] - The incident serves as an example of how easily consumers can be misled into purchasing imitation products [1] - The article raises awareness about the need for vigilance when buying branded items to avoid falling victim to counterfeiters [1]